Friday, 12 August 2016

Sensex up 250 pts, Nifty strong; S P Apparels jumps 8% on debut

The broader markets also traded in line with benchmarks with the BSE Midcap rising 0.8 percent. About two shares advanced for every share falling on the exchange. 

10:35 am FII View: Devendra Joshi of HSBC says urban consumer stocks have outperformed their rural peers. He thinks that is about to change for three reasons.

Firstly, he expects positive earnings revisions for stocks with rural exposure. Secondly, rural volumes are expected to pick up on higher rainfall and thirdly, outperformance of companies in rural index moves in tandem with the deviation of rainfall from the average, so the more rain the better, he feels.

10:25 am Divestment: A promoter entity of Hero MotoCorp divested its equity holding in the two-wheeler major by selling shares worth Rs 1,910 crore to another promoter firm in an open market transaction.

Brij Mohan Lall Om Prakash (BMOP), a partnership firm of the promoter family members, sold a total of 57,54,744 shares of the company, according to bulk deal data released by the stock exchanges.

The shares were offloaded on an average price of Rs 3,319 apiece, totalling to Rs 1,909.99 crore.

Another promoter entity Bahadur Chand Investments picked up 48,80,988 scrips of Hero MotoCorp for Rs 1,620 crore.

10:15 am Interview: Swedish furniture maker Ikea said it will double sourcing of products and material from India to euro 600 million in up to next four years.

The firm held groundbreaking ceremony for its first store in the country which will come up here in an area of 4 lakh sq ft with an investment outlay of Rs 700 crore.

Juvencio Maeztu, Chief Executive Officer, IKEA India said the construction may be completed by next year-end.

"The IKEA store is planned to open in Autumn of 2017, giving access to affordable, good quality home furnishing products. IKEA will hire 500 direct co-workers and another 1,500 engaged in providing services around the store. The store will be about 4,00,000 sq ft large and will host more than 5-6 million customers every year," Maeztu told reporters.

"We buy more than euro 300 million from India alone and we will multiply it by 2 to euro 600 million in the next three to four years," he said.

Also read - SBI Q1 profit seen down 32% to Rs 2505 cr, slippages & NPA key 

10:00 am Market Check share market free tips 

Equity benchmarks extended rally in morning trade with the Sensex rising 256.06 points or 0.92 percent to 28115.66, driven by banks, auto, FMCG and oil stocks.

The Nifty jumped 72.10 points or 0.84 percent to 8664.25. The broader markets also traded in line with benchmarks with the BSE Midcap rising 0.8 percent.

About two shares advanced for every share falling on the exchange.

SP Apparels started off day one's trade at Rs 275 on the National Stock Exchange and jumped nearly 8 percent to touch day's high of Rs 288.75 against issue price of Rs 268 per share.


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SBI was the top picker, advancing 7.16% as first quarter(Q1) profit at Rs 2,520.96 crore hit street ideas while asset quality stabilized compared to the prior quarter. Other top Sensex pickers were Axis Bank Ltd. (gain 3.99%), Tata Motors Ltd. (gain 2.58%), Power Grid Corporation of India Ltd. (gain 2.24% ) and Reliance Industries Ltd. (gain 2.22%). Share Shoppe Offering Lowest Brokerage rates Share Trading Account With Good Trading Limits For Intraday Market.

Bharath Narasiman said...

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